In a mixer bowl, beat cream cheese until fluffy. Beat in condensed milk, pudding mix, milk, and vanilla until smooth. Fold in half of the Cool Whip.
Line the bottom of a pretty glass bowl with vanilla wafers. Arrange 2 sliced bananas evenly over wafers. Spread with the pudding mixture. Top with remaining sliced bananas, arrange wafers on top and then spread with remaining Cool Whip. Chill.